The Organization of the Petroleum Exporting Countries (OPEC) says the oil and gas industry must harness the world’s most advanced technologies and breakthrough innovations to promote a lower-carbon future.
This, according to the agency, is necessary in terms of reducing emissions.
Dr. Mohammad Barkindo, Secretary General of OPEC, unveiled this on Thursday at the ongoing CERAWeek 2022 Agenda in Houston, Texas, with the theme “Pace of Change: Energy, Climate and Innovation.”
Barkindo spoke at the Nigerian Energy Forum tagged: “Oil and Gas Investments: The Future of Fossil Fuels Amid Quest for Decarbonization”
He said in his speech, made available to the Nigerian News Agency , Abuja, that from the perspective of science and innovation, certain technologies were viable options to reduce carbon footprint.
The secretary general listed technologies such as carbon capture, utilization and storage (CCUS), hydrogen, among others.
Barkindo said energy efficiency programs would also be vital, such as the Circular Carbon Economy, with its four ‘R’s: Reduce, Reuse, Recycle and Dispose, which could provide a balanced and inclusive solution to tackle greenhouse gas emissions. greenhouse.
He further said that OPEC welcomed the development of renewable energy, adding that many of its member countries were leading the way with large investments in solar and wind resources.
“We also need to be aware that the move to renewable energy and electric vehicles is highly dependent on a consistent and robust supply of critical minerals, such as copper, cobalt, lithium, nickel and aluminium, many of which are produced in an area geographically centralized. .
“We must also consider that the amount of mineral material needed to produce energy is greater than with fossil fuels.
“For example, a typical electric car requires six times more mineral inputs than is needed to power a conventional fossil-fueled vehicle, and an onshore wind plant requires nine times more mineral resources than a gas-fired plant of the same capacity.
“Looking at the data, science and recent events, it is clear that there is no single solution to reduce emissions and ensure energy security and energy affordability.
“Different countries around the world have different capabilities and diverse needs, particularly in relation to equity, historical responsibility and the principle of common but differentiated responsibilities and respective capabilities,” he said.
Barkindo said that the reduction of emissions has many paths, as established by the Panel on Climate Change (IPCC), and all of them must be considered as viable options.
He assured the forum that OPEC would continue to work closely with its Member Countries on these issues.
“What is clear is that oil and gas have an important role to play in the energy transition. When considering the scale of the energy transition, we must harness all available energies.
“OPEC supports the need to reduce emissions, increase efficiency and embrace innovation, but we must also be aware of the risk we run if we do not invest adequately in the future of this industry.
“For countries that are oil and gas producers like Nigeria, that depend on these resources for vital income, that are developing countries that require significant investment, it is essential that we make our voices heard,” said Barkindo.
SOURCE: NNN.ng
